Having a bet at the races is a great way to add a little excitement to the spectacle of top-class sport and a fantastic social day out.
But horse racing betting can be confusing, even a little intimidating, if you are new to the sport, or to gambling in general.
In this horse racing betting guide, we’ll show you how the various forms of betting work, and how you can get the most fun out of horse betting.
Please Gamble Responsibly
The first piece of advice is to stay in control of your horse racing betting so that you do not lose more money than you can afford.
In fact, the first step in betting at the races comes long before you arrive at the racecourse.
Decide how much you are comfortable spending in betting on each race, and on the meeting overall – and resolve to stick to it.
If you view your betting stakes as part of the cost of the day, you will be much more accepting of a losing bet, and will see a winner as a pleasant surprise.
By gambling responsibly, if all your bets lose you will still have a highly enjoyable day watching horse racing. You won’t be tempted to chase your losses, increase your stakes and maybe lose more than you planned.
On the other hand, if one or more of your bets win it will feel like a bonus that you are going home with more money than you expected.
Gambling responsibly is the smart way to play. Now let’s look at the different ways you can enjoy horse racing betting at the course.
Betting With Bookmakers
Bookies have been plying their trade on UK racecourses for more than 200 years. They are a familiar and colourful part of the landscape at the track.
Each bookmaker stands next to a board displaying the latest odds about the horses in the next race.
If you want to put some money on your selection, simply walk up to the bookie in question and tell them which horse – and how much you want to stake.
You receive a printed slip with the details of your bet – including the payout if you’ve picked a winner. You have to present this to the bookmaker to get your winnings.
How do Horse Racing Betting Odds Work?
So, what do all those numbers next to each horse’s name mean?
Odds are a mathematical expression of the probability of something happening. If a horse is 10/1, that means if the race were run 11 times, it would win once. If it’s 2/1, if the race were run three times, it would win once.
How do payouts work? Well, if you have £10 on a horse at 2/1, you get back two times your stake, £20, plus the stake is returned, for a total return of £30.
Each-Way
As well as betting on a horse to win, you can also back it to finish in the places. That’s in the first three if there are more than eight runners, and the first four if there are more than 16.
Your stake is in two parts, so a £5 each-way bet costs you £10. If your horse finishes second, the win portion loses but the place part pays out at a fraction of the odds – usually one-fifth or a quarter.
Betting With the Tote
Your other main option for horse racing betting at the course is to use the Tote, which is a form of pool betting.
You can bet at the Tote window on a horse in a race to win or be placed, just like at the bookmakers. But your payout depends on how many other people make the same selection.
Unlike with a bookie, you don’t know exactly what your payout will be until a dividend is declared after the race.
These are declared “to a £1 stake”. So, if you wagered £10 on your selection, you multiply the dividend by 10 to calculate what your return is.
As well as win and each-way, you can place other bets on a race with the Tote. These include the Exacta, where you try to predict which two horses will finish first and second.
More difficult is the Trifecta, where you have to pick the first three home in the correct order. You could try a combination Trifecta, where the first three in any order will give you a payout.
Tote Placepot and Other Multi-Race Bets
One way to keep your excitement bubbling throughout the racing is to place a multi-race bet with the Tote.
- Tote Placepot: The most popular Tote bet. You have to pick a horse that is placed in each of the first six races. You can pick more than one horse in a race, but that multiplies your stake. So if you pick 1 x 2 x 2 x 1 x 2 x 2 horses, that is 16 lines; if your basic stake is 50p, your Placepot will cost you £8. Dividends are, again, declared to a £1 stake.
- Tote Jackpot: This works in the same way as the Placepot, but you have to pick six winners rather than just placed horses.
- Tote Quadpot: You are looking for placed horses again, but this time in four races – the third, fourth, fifth and sixth.
